South Korea’s ‘blockchain’ city of Busan continues to strike deals with cryptocurrency industry heavyweights as Huobi Global enters the development ecosystem.
Huobi Global and its Korean affiliate have become the latest exchange to sign a memorandum of understanding with the Busan Metropolitan City Government to participate in the growth of its blockchain industry.
According to Huobi’s official announcement, the partnership will see the company provide research and development, technology and financial support for the Busan digital currency exchange. Huobi is also ready to help identify and hire blockchain talent for the local Busan exchange.
Huobi operates a local authority from 2019 and received a mandatory regulatory license from South Korea’s Financial Services Commission in 2021. The company cites its experience operating in the country as an important factor in helping Busan achieve its goal of becoming a global cryptocurrency and blockchain hub.
A statement from Huobi Korea CEO Junyong Choi highlighted the company’s existing business ties with Korean participants in the blockchain ecosystem and the expertise of Huobi Research Institute and Huobi Academy as key drivers of the partnership:
“We believe Busan has strong attributes to support innovation and growth, and we share their belief that blockchain technologies can transform and benefit traditional industries.”
Huobi also committed to sponsor Busan Blockchain Week at the end of October 2022 as part of the deal.
Busan too signed the agreement with Sam Bankman-Fried’s FTX cryptocurrency trading platform in August 2022 to help develop a local exchange in Busan. Binance also wrote similarly trade with the city in the same month, with CEO Changpeng ‘CZ’ Zhao in attendance during the announcement.
Both FTX and Binance are set to establish a local presence in the city as part of the deal, while Huobi Korea’s local office already has a foothold in Busan.